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The European Union is close to finalizing its Artificial Intelligence Act (AI Act), which aims to create a common regulatory and legal framework for AI. The AI Act has faced some challenges and controversies, particularly regarding the use of OpenAI’s natural language processing system, ChatGPT. The EU has decided to adopt a multi-regulatory approach to ChatGPT, assessing risk based on how the chatbot is used. The US Treasury Department has also called for AI models to require certification before they can launch in the country.